Location: Chambersburg, PA | Metro: Chambersburg, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
1. Does the Fair Market Rent (FMR) of $1200 for the fiscal year 2024 cover the debt service on a property?
If the answer is Yes, then proceed to the next question. The FMR is the baseline payment that landlords can expect from the government for a Section 8 tenant. For ZIP 17250, if the debt service (mortgage payments, property taxes, insurance, etc.) is less than $1200 per month, the FMR will cover these costs. If the debt service exceeds $1200, then the answer is No, and investing in Section 8 properties in this area would not be financially viable.
2. Is the market rent above, at, or below the FMR of $1200?
If the market rent is above $1200, landlords should consider whether they can attract non-Section 8 tenants willing to pay higher rents. If market rent is at or below $1200, then Section 8 could be a stable source of income, matching or exceeding what landlords might get from the market. This step helps determine the competitiveness of Section 8 versus market rates.
3. Are there sufficient renters and days on the market (DOM) to ensure demand?
To assess demand, examine the percentage of renters and the average DOM. If the percentage of renters is high and DOM is low, indicating quick turnover, there's strong demand. However, without specific percentages and DOM figures for ZIP 17250, we cannot definitively answer this question. A high percentage of renters coupled with a low DOM suggests that properties are in demand and can be filled quickly, which is favorable for Section 8 investments.
It depends on the answers to these questions. If the FMR covers your debt service and market rents are competitive or lower, and there is a robust rental market, then ZIP 17250 could be a good investment for Section 8 properties. Conversely, if any of these conditions are not met, particularly if the FMR does not cover debt service or the rental market is weak, then investing in this area for Section 8 would not be advisable.
Note: Specific figures for market rent and percentage of renters in ZIP 17250 were not provided. To make an informed decision, landlords should research these metrics locally.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.